It's true that past lvl 50 there's much better stuff in the game than anything you can make. Stuff in the 30s and 40s should sell though, maybe even 20s but most people blow through their 20s pretty quick and don't need to worry about gear yet.
Not everyone can afford to upgrade their gear to the extent they need to be able to get the drops for the Lyk set, so those people may like what you can make.
That said, I don't see AC as a way to make money, or any other profession for that matter. An alchemist making Hero potions may pull in some decent $$, but by the time they get to that level it may not be worth it for most people.
If/When they add 51+ recipes to the game, that may change, we'll just have to see.